Understand Your Customers Using Business Intelligence With NetSuite For Retail
Retail business is now a $26 trillion business opportunity globally, which is growing at a fast pace. Be it supermarkets, mom-and-pop stores, ecommerce or direct marketing: Retailers are selling more and more products to their customers using traditional and digital means, all over the world.
However, the biggest problem which retailers face today, and which is the biggest roadblock to their success is their understanding of their customers.
Right now, the retail business is actually chaos: Random products are offered to random customers, and the entire business premise is based on the assumption that some of the products will be liked and bought by some of the customers.
Its a race to the bottom actually, with a conversion rate of less than 1%, and relying on the random probability to generate sales.
What if retailers are aware, which customers need which products and the laser focus on conversions that drive more sales and more revenues?
With Oracle NetSuite, it is indeed possible.
Business Intelligence In Retail Business With NetSuite
After serving retailers for years and understanding customers from all over the world, Oracle NetSuite has devised a robust, and a dedicated module for retailers, which infuses business intelligence into the core business operations.
For instance, a retailer can have a presence across shopping malls, websites, and apps. Now, using NetSuite, customers, and data from all these fronts can collaborate, and introduced into one unified system.
This data can be then compared with the shopping trends, buying behavior, customers’ preferences and supply data, and right there, you have a magic portal with all the answers you need.
This means that now, retailers can actually understand what their customers want and need, in any specific time period, and prepare themselves accordingly by updating their stocks and inventory.
Smarter business decisions can be made, and effective marketing campaigns can be launched if you know what your customers want when they want it, and how long they want it.
Not only this, but with real-time tracking of sales, and by combining this information with predictive sales data, your retail business can be miles ahead of your competitors, who will be still guessing what their customers want.
By getting such meaningful insights for your retail business, the management will be able to make smart business decisions and increase their ROI from marketing and advertisement spends.
A win-win situation.
Business Operations Optimised With NetSuite
Besides gaining insights into your customers, and their buying habits, retailers can also optimize their business operations using Oracle NetSuite.
Critical aspects such as GL, Accounts receivable, accounts payable, inventory management, fulfillment, supply chain, shipping, billing, taxes and more can be optimally managed, automated seamlessly, with NetSuite.
With an integrated FedEx, UPS and USPS shipping functionality in the ERP platform, your retail business will be never out of schedule, and out of sync with your customers’ expectations.
Inspirria can help you unleash the true power and potential of Oracle NetSuite, and help you optimize your retail business like never before.
